Finance

Yen buoyed as growth concerns fan risk-averse mood

A woman counts Japanese 10,000 yen notes in Tokyo, in this February 28, 2013 picture illustration. REUTERS/SHOHEI MIYANO The yen held firm near multi-month highs against major currencies on Wednesday as concerns over sluggish global growth and choppy oil and financial markets prompted investors to seek shelter in the low-risk low-return currency. The U.S. dollar traded at 119.08 yen JPY=, ... Read More »

Bank of England approves capital calculation models of 19 insurers

insurance British insurers Aviva and Prudential and the Lloyd’s of London insurance market were among 19 firms to have their capital calculation models approved by the Bank of England on Saturday, enabling them to lower costs under new rules. Approval means the insurers can use their internal models to determine how much capital they hold to ensure they can meet ... Read More »

Exclusive – Dalian Wanda clinches deal for Legendary Entertainment – source

Chinese property and investment firm Dalian Wanda Group has agreed to acquire a majority stake in Legendary Entertainment, valuing the U.S. movie studio company at between $3 billion and $4 billion, according to a person familiar with the matter. The move represents Wanda’s latest bid to expand overseas and become a major player in the U.S. entertainment industry following its ... Read More »

China stocks rise but offshore yuan hits new low

A red umbrella is placed on seats in front of an electronic board showing stock information, filled with green figures indicating falling prices, at a brokerage house in Dongguan, Guangdong province, China, January 5, 2016. REUTERS/STRINGER China’s blue chip shares ended sharply higher on Wednesday after state media said a selling ban on major shareholders brought in to help arrest ... Read More »

India is fourth biggest exporter of illicit capital; China leads, says report

Wads of euro banknotes are stacked in a pile at the GSA Austria (Money Service Austria) company’s headquarters in Vienna July 22, 2013.REUTERS/Leonhard Foeger With an average annual outflow of $51.03 billion, India is the fourth biggest exporter of illicit capital over a decade with such financial flows surging to $1.1 trillion in 2013, according to a new report. China, ... Read More »

Australian computer forensics police raid home of suspected Bitcoin creator

The Bitcoin tradeReuters Australian police raided the Sydney home and office on Wednesday of a man named by Wired magazine as the probable creator of bitcoin and holder of hundreds of millions of dollars worth of the cryptocurrency, Reuters witnesses said. More than a dozen federal police officers entered a house registered on the electoral roll to Craig Steven Wright, ... Read More »

Asia stocks buffeted by China worries, North Korea nuclear test

A woman stands near an electronic board showing the Japan’s Nikkei average (top) and the Japanese yen’s exchange rate against the U.S. dollar after the New Year opening ceremony, held to wish for the success of Japan’s stock market, at the Tokyo Stock Exchange (TSE) January… REUTERS/YUYA SHINO Asian shares fell on Wednesday and most emerging currencies retreated as China ... Read More »

US Fed hikes interest rates after almost a decade by quarter of a percentage point

Yellen indicates Fed rate hike by year-end The Federal Reserve hiked interest rates for the first time in nearly a decade on Wednesday, signaling faith that the U.S. economy had largely overcome the wounds of the 2007-2009 financial crisis. The U.S. central bank’s policy-setting committee raised the range of its benchmark interest rate by a quarter of a percentage point ... Read More »

Top Apple supplier plans rare holiday as output fears rattle investors

Foxconn, which assembles most of Apple Inc’s latest iPhones, will cut working hours over the week-long Lunar New Year holiday, a person familiar with the matter said, in a rare move that analysts interpreted as a sign of softening demand. Reports of slowing shipments and mounting inventories of the iPhone 6S and 6S Plus, as well as tepid forecasts from ... Read More »

India services PMI hits 10-month high in December

An employee sets a table inside a restaurant at the Crown Plaza hotel, run by the InterContinental Hotels Group (IHG), in New Delhi January 31, 2014. REUTERS/ANINDITO MUKHERJEE/FILES Growth in India’s services firms rose at its fastest pace in 10 months in December as demand picked up, a business survey showed on Wednesday. The Nikkei/Markit Services Purchasing Managers’ Index surged ... Read More »